Mark Papa stands well by his name by being the father of the American oil industry and making his mark in the sector. Mark is one of the most notable figures who helped the entire fuel industry flourish in the United States. He was originally the CEO of EOG Resources. His contribution to the company was so significant that under his leadership the company blossomed into one of the top oil producers in America. Mark worked for many years with the company and took over as CEO in 1999, until his retirement in 2013.
In light of the recent fluctuation in oil prices, Mark decided to re-enter the oil scene and capitalize on the opportunities that are currently opening up in the market. According to his analysis, he believed that the falling oil prices would lead to an overall scarcity of oil, increasing the demand. By re-entering the industry, he would be able to take advantage of the situation and fulfill the request in the market.
Mark is known to be someone who can’t stay away from work for too long. In Spite of his retirement, Mark went on to work as an independent private advisor for Riverstone, a company that makes investments into large energy production companies. Riverstone, under the direction of founders David Leuschen and Pierre Lapeyre, employed Mark as their advisor so that he could help them develop their business into the next EOG. Mark held by his words that EOG was a once in a lifetime opportunity, and replicating that once again would be a daunting task, but went ahead and helped out Riverstone anyway.
Papa was offered a total of $500 million to start up a new company and make it a new leader in the oil and energy industry. With his help, Riverstone was able to set up their new subsidiary company, with a focus of capitalizing the oil gain from the Permian Basin. Mark believed that this new found area would serve as the new hub for oil extraction in the United States and thus thought it was a brilliant idea for the company to capitalize on this opportunity.
Mark believes that in the future, the supply of oil which is obtained from Middle Eastern countries will dry up, causing immense pressure on the United States to start using its oil resources. He thus believes that starting out projects like this can help ease the strain on the demand from the Middle East and can help the American oil industry set up its foundations for the growing demand.